Price on the XAUEUR has moved lower after forming a bearish Pin Bar/Engulfing Bar combo on the 4hr price action chart. This combo setup was formed both with the strong 4hr trend and inline with the daily key resistance area at a key pullback area. Price had been moving lower on the 4hr chart before price made a retracement higher and into the daily key resistance level.
The first chart below is the daily chart which shows the key daily resistance area and where price pulled back to. The second chart below is the 4hr chart where the price action setup to place on. This chart shows how price moved into the same key daily area and formed the bearish pin bar/engulfing bar combo. Once price broke lower of this setup it gained momentum and moved lower and into the near term lows of support.
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Daily XAUEUR Chart
4hr XAUEUR Chart
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